Prime Minister Narendra Modi celebrated the 10-year milestone of the ‘Make in India’ initiative, recognising its pivotal role in transforming India into a global manufacturing and innovation hub. In a message shared on X, he expressed gratitude for the contributions of millions of Indians who have been instrumental in the initiative’s success. PM Modi highlighted the surge in exports, enhanced capacities, and the bolstering of the economy, all driven by the collective determination of 140 crore Indians. The Prime Minister reaffirmed the Government’s commitment to ongoing reforms, aiming to build an Atmanirbhar (self-reliant) and Viksit Bharat (developed India).
India’s Foreign Direct Investment (FDI) Growth
India’s Foreign Direct Investment landscape has witnessed substantial growth over the last decade, attracting a cumulative inflow of USD 667.4 billion between 2014 and 2024—a remarkable 119 per cent increase compared to the previous decade. These investments span 31 states and 57 sectors, with most areas open to 100 per cent FDI under the automatic route. The manufacturing sector has particularly benefited, with FDI equity inflows rising to USD 165.1 billion, marking a 69 per cent increase from the USD 97.7 billion received between 2004 and 2014. The Government’s investment-friendly policies have been central to this transformation.
Key Government Initiatives Supporting Make in India
Semicon India Program: With a Rs 76,000 crore budget, this initiative boosts India’s semiconductor and display manufacturing ecosystem, focusing on fabs, packaging, sensors, OSATs, and more to drive innovation.
National Single Window System (NSWS): Launched in 2021, NSWS simplifies the investor experience by integrating 32 ministries and 29 states, speeding up approvals and clearances for businesses.
PM Gati Shakti: This GIS-based platform connects Government portals for integrated infrastructure planning, reducing logistics costs, and improving coordination for better infrastructure development.
National Logistics Policy (NLP): Launched in 2022, NLP improves supply chain efficiency, reducing logistics costs to make Indian products more globally competitive.
Industrial Corridors: India is developing 11 industrial corridors, with 12 new projects worth Rs 28,602 crore, creating world-class infrastructure and boosting industrial growth and job creation.
One-District-One-Product (ODOP): ODOP promotes local products and artisans, empowering SMEs and boosting regional economies through initiatives like Unity Malls in 27 states.
Startup India: Since 2016, over 1,40,803 startups have emerged, creating 15.5 lakh jobs, positioning India as a global startup hub.
Investment Reforms: Reforms like GST and FDI liberalisation have made India more investment-friendly, while the Phased Manufacturing Programme ensures high-quality domestic production.
Make in India 2.0
The “Make in India” initiative has played a pivotal role in shaping India’s economic growth, focusing on establishing a robust manufacturing sector. The second phase of this initiative, known as “Make in India 2.0,” now encompasses 27 sectors, highlighting the country’s ambition to become a global manufacturing leader. This phase is expected to significantly enhance India’s economic trajectory and create ample employment opportunities for its young population.
Ease of Doing Business
A key pillar of the initiative is improving the ease of doing business to foster entrepreneurship. The Government introduced several measures aimed at streamlining bureaucratic processes and reducing regulatory bottlenecks. These reforms have been designed to create a more business-friendly environment for both startups and established companies, ensuring a conducive atmosphere for innovation and growth.
Developing World-Class Infrastructure
To support manufacturing and industrial growth, the “Make in India” program focused on the development of industrial corridors and smart cities. By integrating modern technology and high-speed communication networks, the Government aims to create world-class infrastructure. This includes streamlined registration systems for businesses and a strong intellectual property rights (IPR) framework, ensuring that innovation is protected and promoted. In addition, targeted efforts have been made to align workforce skills with the needs of emerging industries.
Expanding into New Sectors
A major highlight of the initiative is the liberalisation of Foreign Direct Investment (FDI) regulations in key sectors such as Defence Production, Insurance, Medical Devices, Construction, and Railway infrastructure. By easing FDI norms in these areas, the Government has encouraged increased international investment, which in turn fuels economic growth and modernisation of industries. These new sectors are expected to significantly contribute to India’s expanding manufacturing base.
A New Mindset: Facilitator, Not Regulator
One of the most important changes introduced through the “Make in India” initiative is the Government’s shift in its role from regulator to facilitator. This mindset change promotes collaboration between the Government and industry, driving economic growth through innovation and industrial expansion. By fostering a more cooperative environment, the Government seeks to unlock the potential of both domestic and international enterprises.
Production Linked Incentive (PLI) Schemes
The Production Linked Incentive Schemes were introduced to boost India’s manufacturing sector in line with the ‘Atmanirbhar Bharat’ vision. Covering 14 key sectors with a budget of Rs 1.97 lakh crore, these schemes aim to increase investment, integrate technology, and improve efficiency. As of July 2024, 755 applications were approved, leading to Rs 1.23 lakh crore in investments and creating 8 lakh jobs. This progress demonstrates enhanced global competitiveness and economic growth through expanded manufacturing.
Remarkable Success of FDI Inflows
Make in India has witnessed remarkable success, fueled by record-breaking Foreign Direct Investment inflows. Simplified FDI regulations and improved ease of doing business have attracted global investors, with FDI rising from 45.14 billion dollars in 2014-15 to 84.83 billion dollar in 2021-22. From April 2014 to March 2024, India received 667.41 billion dollars in FDI. In FY 2023-24 alone, 70.95 billion dollar was attracted, further establishing India as a key global investment hub.
Ease of Doing Business Ranking
India’s significant improvement in the Ease of Doing Business (EoDB) index has bolstered the Make in India initiative. The country jumped from 142nd in 2014 to 63rd in the World Bank’s Doing Business Report (DBR) 2020, reflecting substantial regulatory reforms and reduced bureaucratic hurdles. This leap has increased international investor confidence, driving FDI inflows and further enhancing India’s standing as a favourable destination for business and investment growth.
Proactive Reforms to Support Businesses
India’s Government has implemented proactive reforms to create a business-friendly ecosystem. Regulatory changes, bureaucratic simplifications, and digitisation have made India a more attractive investment destination. The steady rise in FDI inflows over the past decade highlights the success of these reforms in attracting global capital. By fostering entrepreneurship and supporting domestic industries, these initiatives have positioned India as a key global player, driving the country’s ongoing economic growth.
Swift COVID-19 Vaccine Production
Under the “Make in India” initiative, India emerged as a global leader in vaccine production during the COVID-19 pandemic. Powered by indigenously produced vaccines like Covaxin and Covishield, the country achieved record-breaking domestic vaccination coverage. Moreover, India became a key exporter of life-saving vaccines to numerous developing and underdeveloped nations, highlighting its capability to contribute significantly to global health.
Make in India in Domestic Defence Production
India has achieved a significant milestone in naval defence with the construction of INS Vikrant, its first Indigenous aircraft carrier, marking a major step toward self-reliance under the Atmanirbhar Bharat campaign. This accomplishment highlights India’s progress in reducing dependency on defence imports and advancing homegrown technologies. The “Make in India” initiative has played a pivotal role in boosting the defence sector, leading to a record defence production of Rs 1.27 lakh crore in FY 2023-24, reflecting a 16.7 per cent growth. Spearheaded by Prime Minister Narendra Modi, policies promoting self-reliance have fueled this expansion, with Defence Public Sector Undertakings (DPSUs) contributing 79.2 per cent of the production and the private sector 20.8%. Increased focus on indigenisation has also spurred defence exports, which rose to Rs 21,083 crores in FY 2023-24, marking a 32.5 per cent increase. Since 2019-20, defence production has grown by over 60 per cent, positioning India as a rising defence manufacturing hub globally.
Electronics Sector Growth: A Global Electronics Hub
India’s electronics sector has experienced remarkable growth, reaching a market size of USD 155 billion in FY23, almost tripling from USD 48 billion in FY17. Central to this growth is mobile phone manufacturing, which contributes 43% of the total production. Notably, India has drastically reduced its smartphone imports, with 99 per cent of mobile phones now being manufactured domestically. This shift highlights the success of the “Make in India” initiative, which has transformed the electronics industry. According to NITI Aayog, domestic production in the mobile segment has surged to 99 per cent, positioning India as a rising global player in electronics manufacturing. The sector’s production almost doubled, climbing from USD 48 billion in FY17 to USD 101 billion in FY23. Looking ahead, India aims to strengthen its role in Global Value Chains (GVCs), focusing on emerging areas like wearables and automotive electronics. With a long-term target of reaching USD 500 billion in electronics manufacturing by FY30 and creating over 6 million jobs, Make in India is laying a solid foundation for the country to become a global electronics hub, driving exports, boosting local value addition, and contributing to India’s economic growth.
Growing Global Trade with Record Merchandise Exports
India recorded an impressive 437.06 billion dollars in merchandise exports in FY 2023-24, demonstrating the nation’s increasing integration into global trade. This rise in exports reflects the success of Indian manufacturing, bolstered by initiatives like Make in India, as well as the country’s ability to meet international demand in various sectors, from textiles to electronics.
International Recognition of Indian Bicycles
Indian bicycles have garnered significant attention and recognition in global markets, particularly in countries like the UK, Germany, and the Netherlands. This surge in exports reflects the innovation and engineering excellence present in Indian manufacturing, showcasing the impact of the Make in India initiative on enhancing India’s global manufacturing reputation.
“Made in Bihar” Boots: A Presence in the Russian Army
A noteworthy achievement of Make in India is the inclusion of “Made in Bihar” boots in the Russian Army’s equipment. This marks a significant leap for Indian manufacturing in the defence sector, further emphasising the global acceptance of Indian products and their high standards of quality and durability in international markets.
Global Popularity of Kashmir Willow Cricket Bats
Kashmir willow bats, long a staple in India’s cricketing culture, have gained global recognition and become a favourite among international players. These bats, crafted with precision and expertise, underscore India’s excellence in craftsmanship and its growing influence in the global cricketing industry, thanks to the Make in India initiative.
Amul’s Expansion into the US Market
Amul, India’s iconic dairy brand, has expanded its footprint into the US market, launching a range of its dairy products abroad. This expansion highlights the global demand for Indian flavours and underscores Amul’s role in promoting India’s rich dairy heritage on the international stage, a direct outcome of India’s growing manufacturing and export capabilities.
UPI: India’s Global Leadership in Digital Payments
India’s Unified Payments Interface (UPI) has achieved tremendous success internationally, enabling seamless digital transactions across multiple countries. The global adoption of UPI stands as a testament to India’s leadership in fintech innovation, driven by the Make in India initiative. UPI’s expansion reinforces India’s growing influence in the world of digital payments and technology.
Vande Bharat Express
The Vande Bharat Express, launched on February 15, 2019, is a key achievement of India’s ‘Make in India’ initiative, reflecting the nation’s growing self-reliance. Operating at speeds up to 160 km/h, it offers enhanced passenger comfort with features like Kavach technology for safety and accessible amenities for Divyangjan. As of 2022-23, 51 trains achieved a 96.62 per cent occupancy rate. Prime Minister Modi flagged off three more trains on August 31, 2024, boosting connectivity in Uttar Pradesh, Tamil Nadu, and Karnataka. Beyond speed, the Vande Bharat drives regional development, economic growth, and modernises India’s rail infrastructure.
Make in India: Renewable Energy Equipment Manufacturing
As the “Make in India” initiative celebrates its 10th anniversary, it has emerged as a key enabler in promoting investment, fostering innovation, and building world-class infrastructure. A significant focus has been placed on establishing a strong renewable energy manufacturing sector, positioning India as a global leader in this fast-growing market. To achieve this, the Indian Government has taken strategic measures to boost the domestic manufacturing of renewable energy equipment, particularly solar photovoltaic (PV) modules, cells, and critical upstream components like ingots, wafers, and polysilicon. Efforts are also being made to manufacture wind turbines, electrolysers for green hydrogen production, and battery energy storage systems for large-scale electricity storage. Financial incentives such as the Production Linked Incentive (PLI) scheme have played a vital role in promoting solar PV manufacturing, while other support mechanisms, including Viability Gap Funding (VGF) for battery storage and the National Green Hydrogen Mission, have accelerated progress. Import duties on solar PV modules encourage local manufacturing, while schemes like PM Surya Ghar and PM-KUSUM link subsidies to local value addition. India’s emphasis on self-reliance in solar PV has led to an increase in installed module manufacturing capacity, which has surged from 2.3 GW in 2014 to 67 GW today, with plans to achieve 100 GW by 2026.
The “Make in India” initiative has undeniably revolutionised India’s economic landscape, positioning the nation as a global manufacturing powerhouse. Over the past decade, through strategic reforms, focused policies, and visionary leadership, India has seen an unprecedented rise in Foreign Direct Investment, job creation, and technological advancements. With sectors ranging from defence and electronics to renewable energy and startups thriving under this initiative, India is firmly on the path to becoming a self-reliant and developed nation. As the country moves forward, the second phase of “Make in India” promises to further strengthen India’s industrial capabilities, creating new opportunities for the next generation. With the collective effort of the Government, industries, and citizens, the dream of an Atmanirbhar Bharat is well within reach.
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